A -- Barry Buchholtz, named President of European Operations A -- Mark Simo, Chairman, appointed Chief Executive Officer A -- John Pound joins the Board of Directors as Co-Chairman
CARLSBAD, Calif., Oct 16, 2006 (BUSINESS WIRE) -- Orange 21 Inc. (Nasdaq:ORNG), a leading developer of brands that
produce premium products for the action sport and youth lifestyle
markets, announced today a series of changes in management and its
Board of Directors.
Barry Buchholtz, current Chief Executive Officer, will leave his
current position in order to focus his efforts on Orange 21's European
operations, including the Company's manufacturing division, LEM, and
its European sales operations, effective immediately. Mr. Buchholtz
has been named President of Orange 21's European Operations; he will
be based in the Company's Italy office.
Mark Simo, the Company's Chairman of the Board and one of the
Company's founders, has been named Chief Executive Officer. He will
oversee strategy to improve operations, as well as to drive the brand
and pursue new growth strategies for the core Spy Optic business. In
connection with this appointment, Mr. Simo is stepping down as Chief
Executive Officer of No Fear, Inc.
John Pound, the Manager of The Integrity Brands Fund, a
Boston-based investment partnership which owns approximately 9.28% of
the Company, has joined the Board, and will serve as Co-Chairman. In
that capacity, he will work with Mark Simo, and the management team,
to oversee operational improvements and growth strategies. Integrity
Brands, founded in 1999, pursues investments in consumer brand and
specialty retail companies through The Integrity Brands Fund; Mr.
Pound also serves on the Boards of RedEnvelope and Gymboree, both
Nasdaq listed companies.
Mark Simo commented, "I believe that the changes that we have
announced today will create new leverage for our organization as we
work to improve operations and drive growth at Orange 21. Barry has
led the company tirelessly through its initial growth phase. He has
spent considerable amounts of time in Italy over the last year working
to integrate the acquisition of LEM and improve the Company's
manufacturing capabilities. Now, given where we are, we are fortunate
that we can have him there full-time to oversee our continuing
integration and growth of that business. For my part, I am excited to
be able to devote my time to driving the brand, which I deeply believe
in, and to growing Orange 21 for all our stockholders."
John Pound commented, "I am enthusiastic about the Spy Optic brand
and am delighted to have the opportunity to partner with the company
to drive the business forward. I look forward to partnering with Mark,
whose energy and creative vision have been central to the development
of the brand, and with Barry on the European side of the business. I
think that there are exciting opportunities both to improve efficiency
and drive growth for shareholders."
About Orange 21 Inc.
Orange 21 develops brands that produce premium products for the
action sport and youth lifestyle markets. Orange 21's primary brand,
Spy Optic(TM), manufactures sunglasses and goggles targeted towards
the action sports and youth lifestyle markets.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements relate to future events or future financial performance. In
some cases, you can identify forward-looking statements by terminology
such as "may," "should," "expect," "plan," "anticipate," "believe,"
"estimate," "predict," "potential" or "continue," the negative of such
terms or other comparable terminology. These statements are only
predictions. Actual events or results may differ materially. Factors
that could cause actual results to differ materially from those
contained in the forward-looking statements include, but are not
limited to: risks related to the Company's ability to manage growth;
risks related to the limited visibility of future orders; the ability
to identify and work with qualified manufacturing partners and
consultants; the ability to expand distribution channels and retail
operations in a timely manner; unanticipated changes in general market
conditions or other factors, which may result in cancellation of
advance orders or a reduction in the rate of reorders placed by
retailers; the ability to continue to develop, product and introduce
innovative new products in timely manner; the ability to source raw
materials and finished products at favorable prices; the ability to
identify and execute successfully cost control initiatives;
uncertainties associated with the Company's ability to maintain a
sufficient supply of products and to manufacture successfully
products; the integration of the LEM acquisition the performance of
new products and continued acceptance of current products; the
execution of strategic initiatives and alliances; the impact of
ongoing litigation; uncertainties associated with intellectual
property protection for the Company's products; matters generally
affected the domestic and global economy, such as changes in interest
and currency rates; and other factors described under the caption
"Risk Factors" in the Company's Form 10-Q for the quarter ended June
30, 2006 and other filings made with the U.S. Securities and Exchange
Although the Company believes that the expectations reflected in
the forward-looking statements are reasonable, the Company cannot
guarantee future results, levels of activity, performance or
achievements. Moreover, neither the Company, nor any other person,
assumes responsibility for the accuracy or completeness of such
forward-looking statements. The Company undertakes no obligation to
update any of the forward-looking statements.
SOURCE: Orange 21 Inc.
Orange 21, Inc.
Jerry Collazo, CFO, 760-804-8420
Integrated Corporate Relations
Allyson Pooley, 310-954-1100